Trinity Biotech is pleased to announce their financial situation has improved from quarter one to quarter two in 2021. Their point-of-care services saw an increase of 54.5 percent while the clinical laboratory revenue increased by 61.9 percent for a total increase of 61.3 percent.
Although Trinity Biotech experienced increased revenue for the second quarter of the year, the cash balance decreased by $3.7 million due to a $2 million interest payment on the Exchangeable Notes, working capital movements, and capital expenditures. However, overall, the company is in better financial standing after the second quarter, putting them in a position to continue growing their revenue for the remainder of the year.
John Gillard, CFO of Trinity Biotech, stated, “The Company delivered another strong quarter in Q2 2021 with gross profit of $11m compared to $6.9m in Q2 2020. This translated into an operating profit (before impairments) for Q2 2021 of $6.3m compared to $0.5m in Q2 2020.”
Trinity Biotech has implemented several business developments in the past year, contributing to their financial growth. These developments include the TrinScreen HIV test and Covid-19 rapid antigen tests. These new tests are becoming more widely used and are providing the company with steady revenue to push their growth forward.
Anyone interested in learning about the increase in financial revenue for the second quarter can find out more by visiting the Trinity Biotech website or by calling +353 1 276 9800.
About Trinity Biotech: Trinity Biotech provides point-of-service care and clinical laboratory services to ensure patients have the quality healthcare they deserve. The lab works in various healthcare sectors, including point of care, infectious disease, autoimmune, antibodies, urinalysis, and more. They are working hard to stay on the cutting edge of healthcare to ensure the best medical care.
Company: Trinity Biotech
Address: IDA Business Park
City: Bray
County: Co Wicklow
Country: Ireland
Postal code: A98 H5C8
Telephone number: +353 1 276 9800
Fax number: +353 1 276 9888